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September 7, 2023

Market Update – Air and Ocean Freight, September 2023

Navigating Turbulent Markets: Stay Ahead with WeFreight’s Expert Guidance

In times of uncertainty, stay ahead of the curve with WeFreight’s comprehensive freight forwarding solutions. Our latest report highlights the current state of the air and ocean freight markets, including challenging demand, increased capacity, and declining rates. With our expertise and support, you can navigate these challenging times and keep your business thriving.

Market Updates

WeFreight Market Update – Air and Ocean Freight, September 2023

This detailed monthly report provides insights into the latest trends and developments in global air and ocean freight markets. Key highlights include:

  • Air freight demand softened in 2022 and continued declining in early 2023 amid economic challenges. Capacity growth also slowed recently but remains above pre-pandemic levels. Cargo load factors are declining, putting downward pressure on yields.
  • Ocean freight demand-supply balance continues shifting as record newbuild deliveries are offset by blank sailings. Freight rates fell back to pre-pandemic levels. US import volumes declined in H1 2023 but could see a peak in August.
  • Top carriers like MSC, Maersk and CMA CGM expanded fleet capacity in 2023 while HMM and Evergreen saw marginal declines. Blank sailings increased on Asia-NAWC in June-August.
  • Global manufacturing and export orders contracted in June 2023. China’s economy shows signs of distress. Eurozone PMI dropped to 47.0 in August, indicating accelerated contraction.

The report provides detailed data, graphs and analysis on air and ocean freight markets. It covers capacity, demand, rates, blank sailings, newbuild deliveries, consumer sentiment and PMI indices across key regions.